Fall 2011 Whistler Real Estate Update

Market Review

Whistler Real Estate sales activity during the third quarter of 2011 was highlighted by strong activity in the townhome segment of the marketplace.

Overall, sales activity improved by approximately 7% over that reported for the same period last year. Strong interest continues in the marketplace for life-style oriented, ready to move into opportunities which should insure that sales activity for the year will exceed that achieved in 2010.

The average sales price for a single family home was $1,248,000; for a condominium was $265,240; and for a townhome $605,113, during the most recent quarter.

Current high levels of interest in Whistler real estate opportunities should continually support the improving sales activity which will begin to be reflected in sales values. Increasingly, we find that the best valued properties are attracting offers quickly as purchasers are following the market closely looking for the best opportunities.

Best Time to Buy

September saw an increase in sales activity when compared to the same period in 2010. There was an increase of 48% from 39 sales last year to 59 reported for 2011. Now one month does not make a trend but, when we look at the last 60 days, the sales volume has increased at a slightly slower rate of about 9% over the same period a year ago while the last 90 days of volume has increased about 16%.

Although total unit sales volume has not reached our peak historical levels, where we have seen as significant change is in the median sale price of townhomes, which is our most active area of sales. They have increased over this period from $459,000 in 2009 to $543,000 most recently, so we’re going in the right direction.

It would seem the market is showing all the signals of coming out of low spot, prices are firming, activity is steady and improving slowly. Troubling situations which weigh on the market are getting cleaned up (there are lots more foreclosures than a year ago) and we are anticipating a new floor level has been created on which we can build.

Buyers will continue to hold a strategic advantage but increasingly they will find that a delay could mean a missed opportunity the closer we get to ski season. Traditionally, Sellers become more entrenched in their pricing positions as the snow starts to fly so they can ski another season or rent out the property.

Great opportunity still exists, and the bottom of the market could be now?